Break The Code

Checks And Balances

If your deal entitles you to ongoing profit or royalty payments, an audit clause gives you the right to check their accuracy. Without it, bringing a lawsuit may be the only way to get a look at the applicable books and records. If you're the one doing the auditing, get frequent accountings, as well as the right to see whatever specific records you'll need to verify that you've been paid correctly. On the other hand, if you're the one who may be audited, make sure you're entitled to adequate notice, that the audits remain confidential and that you aren't required in turn to audit any third party on whom you rely for issuing statements or payments.

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